Fair Value Measurements (Tables)

3 Months Ended

Jul. 02, 2022

Fair Value Disclosures [Abstract]

Schedule of Contracts Measured and Recorded at Fair Value on Recurring and Categorized in Level 2 of Fair Value Hierarchy

All contracts are measured and recorded at fair value on a recurring basis and are categorized in Level 2 of the fair value hierarchy, as shown in the following table (in millions):

	Fair value at July 2, 2022 using:						Fair value at April 2, 2022 using:
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Derivative assets:
Forward foreign currency exchange contracts	$	—	$	8	$	—	$	—	$	4	$	—
Net investment hedges	—		166		—		—		44		—
Undesignated derivative contracts	—		1		—		—		4		—
Total derivative assets	$	—	$	175	$	—	$	—	$	52	$	—
Derivative liabilities:
Net investment hedges	$	—	$	4	$	—	$	—	$	37	$	—
Total derivative liabilities	$	—	$	4	$	—	$	—	$	37	$	—

Fair Value Measurement of Long-term Debt

The following table summarizes the carrying values and estimated fair values of the Company’s short- and long-term debt, based on Level 2 measurements (in millions):

	July 2, 2022				April 2, 2022
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Senior Notes due 2024	$	448	$	431	$	448	$	451
Term Loan	$	—	$	—	$	495	$	490
Revolving Credit Facilities	$	922	$	922	$	175	$	175